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(July 3, 2006) – Goldman Sachs Capital Partners, the private equity arm of Goldman Sachs Group Inc. (GSCP), has acquired 30% of the Spanish restaurant group, Vips, according to a company press release.
The price of the operation has not been disclosed.
GSCP will back up Vips’s expansion plan of opening new outlets of its main brands in Spain and Starbucks in Spain and France, the note said. GSCP will have two seats on the board of directors.
Vips comprises restaurant chains such as Tio Pepe and brands: Vips, Ginos, The Wok and Mood y Root among other names, according the the press release.
Vips Group manages 290 sites and employs 9,000 workers. Vips is 50% shareholder in Starbucks Corporation in a joint venture by which it has the exclusive contract of the concept Starbucks in Spain and France, the note added.
Vips’s chairman and chief executive Placido Arango said in the note, “We are delighted to have GSCP as new shareholder in our project. With our new investor we are planning to carry out the next stage of growth and developing of the company”.
GSCP’s Espaņa chairman, Juan del Rivero, said as well that this operation will help to reinforce our presence in the Spanish market. This operation is in line with Goldman Sachs’ policy of dealing with leading family companies.
According the Vips’ website, the company reported EUR 340m sales last year and it is expecting EUR 395m by the end of 2006. As well Vips’ is investing EUR 25m this year. Vips had EUR 274m outlets in 2005 and it plans to finish this year increasing its number up to 363 sites.
Full Details to follow in the Deal Database
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